Nickel futures fall on muted demand

Nickel prices dropped by Rs 7.80 to Rs 767.70 per kg in futures trade today as traders cut down their bets, taking weak cues from the domestic spot markets due to muted demand even as metal strengthened overseas.
At Multi Commodity Exchange, nickel for delivery in December month was trading Rs 7.80, or 1.01 per cent, down at Rs 767.70 per kg in a business turnover of 20 lots.
The metal for delivery in current month also shed Rs 7.10 or 0.92 per cent, to Rs 762.80 per kg in a turnover of 588 lots.
Analysts said the fall in nickel prices in futures trade is mostly attributed to a weak trend at the domestic spot markets due to low demand but strength in metal at the London Metal Exchange (LME), capped the fall.